How the total score is calculated
Every factor is scored from 0 to 100. Market-level results are weighted by the vault's allocation to each market. The displayed total is the weighted sum below, followed by the safety caps described at the bottom of this page.
Total = 30% × collateral + 15% × liquidation liquidity
+ 15% × concentration + 15% × borrower stress + 10% × oracle/complexity
+ 10% × withdrawal liquidity + 5% × liquidation historyFactors
| Factor | Weight | Calculation |
|---|---|---|
| Stress-tested collateral | 30% | For each market:
70% × collateral quality + 30% × LLTV score. Collateral quality
reflects backing, price volatility and structural risk. LLTV scores are 95 at
or below 62.5%, 85 through 77%, 65 through 86%, 45 through 91.5%, and 25
above. |
| Liquidation liquidity | 15% | For each market:
80% × collateral liquidation-liquidity profile + 20% × LLTV score.
This estimates how readily collateral could be sold during liquidation. |
| Borrower and collateral concentration | 15% | The largest collateral allocation share and largest borrower debt share are scored separately and averaged. A share up to 20% scores 100, 50% scores 50, and 100% scores 0, with linear interpolation between those points. |
| Borrower health under stress | 15% | Each borrower's collateral
coverage is reduced by the collateral stress assumption and an additional 10%
execution buffer: (health ÷ LLTV) × (1 − stress drop) × 90%.
Coverage of 1.25 or more scores 100, 1.00 scores 60, 0.75 scores 0, and results
between thresholds are interpolated. Borrowers are weighted by debt. |
| Oracle and collateral complexity | 10% | For each market:
60% × collateral complexity + 40% × oracle quality. Oracle scores
are Chainlink 100, Api3 85, Pyth 80, RedStone 75, other identified oracles 50,
and missing oracle data 40. |
| Withdrawal liquidity | 10% | Available liquidity is
max(idle, liquidity, deallocatable), because the API values may
overlap. Divide by deposits: 0% scores 0, 10% scores 75, and 20% or more scores
100, with linear interpolation. |
| Liquidation history | 5% | The age baseline is 60 below 90 days, 70 from 90 days, 75 from 180 days, and 80 from one year. Mature markets receive 5 points for successful recent liquidations without bad debt. Penalties are based on bad debt, currently liquidatable debt, and at-risk debt relative to exposure-weighted borrowed value. |
Safety caps
- Largest borrower at least 80%: maximum score 70; at least 60%: maximum 78.
- Largest collateral allocation at least 80%: maximum score 75.
- More than half the allocation has low-information collateral or a weak oracle: maximum score 65.
- Recent bad debt: maximum score 55.
- Currently liquidatable debt: maximum score 60.
Confidence and Top 3 ranking
Confidence is separate from the safety score. It combines collateral identification (30%), oracle information (25%), borrower coverage (25%), vault-allocation data (15%), and collection freshness (5%). The ranking value applies a confidence penalty:
Adjusted score = safety score − 25% ×
(100 − confidence)A Top 3 candidate must be active and have a vault safety score of at least 75.
Eligible vaults rank from highest to lowest by APY% × vault score.